A sole proprietorship has a single owner receiving the firm's profit and bearing limited liability
Indicate whether the statement is true or false
false
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Marginal benefit is defined as
a. the net gain from a particular level of an activity. b. the additional benefit gained from the last unit of an activity. c. the difference between total benefits and total costs of a particular level of an activity. d. the difference between variable costs and fixed costs.
Suppose real GDP is $12.6 trillion and potential GDP is $12.4 trillion. To move the economy back to potential GDP, Congress should
A) raise taxes by $200 billion. B) lower government purchases by an amount less than $200 billion. C) lower government purchases by $200 billion. D) raise taxes by an amount more than $200 billion. E) lower taxes by $200 billion.
Assume that for good X the supply curve for a good is a typical, upward-sloping straight line, and the demand curve is a typical downward-sloping straight line. If the good is taxed, and the tax is doubled, the
a. base of the triangle that represents the deadweight loss doubles. b. height of the triangle that represents the deadweight loss doubles. c. deadweight loss of the tax quadruples. d. All of the above are correct.
A combination of inflation and recession is called:
A. deflation. B. stagflation. C. infusion. D. disinflation.